Derby’s bond rating is AA-, according to Standard & Poors. Moody’s gives the city a Aa3.

“This is the result of continuous fiscal prudence, boards and commissions working collaboratively with a common goal of funding our long term obligations, maintaining a strong rating, and working to find savings in the worst economy in modern history,” McLiverty said.

The city treasurer announced the refinancing at a Derby tax board meeting Tuesday (March 5). See the video at the top of this story for a portion of McLiverty’s remarks.

Tax board chairman Jim Butler the city can use all the savings it can find.

“It’s definitely good,” Butler said.

McLiverty said the solid bond ratings are possible because the city has adequate financial reserves, “pay-as-you-go” capital planning and a low debt ratio.

In addition, Derby residents pay their taxes. Collection rates in the city are consistently in the high 90 percentile range, McLiverty said.

“The taxpayers should be applauded for continuing to pay taxes on time, giving us a collection rate that is consistently in the high 90 percent range, and funding the city’s obligations,” he said.